Mumbai, March 24: In a major breakthrough in the ₹122 crore New India Cooperative Bank scam, the Economic Offences Wing (EOW) of Mumbai Police has obtained critical information from Rajiv Ranjan Pandey, who was arrested from Bokaro, Jharkhand. During questioning, Pandey admitted to investing ₹15 crore, received from the prime accused Hitesh Mehta and Unnathan Arunachalam, into various companies using Corporate Social Responsibility (CSR) funds.
As per EOW sources, the funds were invested in multiple firms with promises of 50% higher returns, and the additional profits were allegedly routed back to Mehta and Arunachalam. Pandey confessed to being fully aware of the fraudulent scheme and actively taking part in the conspiracy. Investigators revealed that he and his three associates traveled to Mumbai to meet the key accused, where Pandey assured them of lucrative investment returns. Following this, Mehta discreetly withdrew ₹15 crore from the bank and handed it over to Arunachalam, who later transferred it to Pandey at his office.
Further investigation uncovered that Pandey owns a hotel business in Bokaro. His involvement surfaced during Arunachalam’s interrogation, leading a special EOW team to track him down in Jharkhand. However, upon the police’s attempt to arrest him, Pandey tried to resist by rallying local residents for support. Eventually, his brother, Nandkumar Tripathi, brought him to the Bokaro Steel Police Station, where he admitted to receiving the ₹15 crore and earning a commission on the profits.
On Sunday, Pandey was presented before the holiday court. The EOW informed the court of the need to trace the ₹15 crore investments, identify the companies involved, and determine the profits generated. Additionally, they sought to interrogate Pandey regarding his three absconding associates. While the EOW requested a seven-day custody extension, the court granted five days of remand, extending Pandey’s custody until March 28. The investigation remains ongoing as authorities work to uncover the full extent of the financial fraud and identify other individuals connected to the scheme.
